India 39th in Most Competitive Economy Index by WEF Jumped 16 Spots - Important

India is at 39th position in the index of most competitive economy 2016 - 17. The index is released by World Economic Forum (WEF) in the list of 138 countries. India has not become second fastest growing BRICS country after China.

  • India has jumped 16 spots and claimed 39th rank in one year. Previously in 2015 - 16 India was ranked at 55th. This is the largest gain ever made by any country in most competitive economy index.
  • The Index is based on:
    1. Basic business requirements
    2. Efficiency enhancers
    3. Innovation and sophistication factor

Key Facts

  • India՚s achievement is based on the improved monetary, fiscal policies and lower oil prices that have helped India stabilize and claim the highest growth among G20 countries. Reform efforts are mainly focused on:
    1. Improving public institutions (up 16)
    2. Opening the economy to foreign investors and international trade (up 4)
    3. Increasing transparency in the financial system (up 15)
  • For eight successive years, Switzerland has managed to top the index and is followed by Singapore.

Top Ten Countries

Table shows Top Ten Countries
CountryRanking 2016 - 17Ranking 2015 - 16
Switzerland11
Singapore22
United States33
Netherlands45
Germany54
Sweden69
United Kingdom710
Japan86
Hong Kong SAR97
Finland108

BRICS Countries Rank

Table shows BRICS Countries Rank
CountryRanking 2016 - 17Ranking 2015 - 16
China2828
India3955
Russia4345
South Africa4749
Brazil9175
  • India was ranked at 59th position in 2012 - 13. At 60th position in 2013 - 14 edition of Global Competitiveness Index.
  • Along with India other countries which climbed are:
Table shows India and other countries climbed
CountryRanking 2016 - 17Ranking 2015 - 16Climbed
India395516
Albania2809313
Jamaica758911
Bhutan971058
Malta40488
Panama42508
Botswana64717
Georgia59667
Dominican Republic92986
Mexico51576

12 Pillars of India on Competitiveness

  • The competitiveness index is based on 3 main indicators made up of 7 pillars. Index is prepared based on overall ranking on those 7 pillars. All countries are given 1 - 7 points in each of the pillars.
Table shows 12 Pillars of India on Competitiveness
Sub IndexRank from 138 CountriesScore (1 - 7)
India (Overall)394.5
Basic Requirements634.6
Pillar 1: Institution424.4
Pillar 2: Infrastructure684.0
Pillar 3: Macroeconomic environment754.5
Pillar 4: Health and Primary education855.5
Efficiency enhancers464.4
Pillar 5: Higher education and training814.1
Pillar 6: Goods market efficiency604.4
Pillar 7: Labour market development844.1
Pillar 8: Technological readiness384.4
Pillar 9: Financial market development1103.0
Pillar 10: Market size36.4
Innovation and sophistication factor304.2
Pillar 11: Business Sophistication354.4
Pillar 12: Innovation294.0

About WEF (The World Economic Forum)

  • Swiss nonprofit foundation.
  • Established in 1971 by the Swiss authorities as an international institution for public-private cooperation.
  • Headquartered in Cologny, Geneva.

Examrace Team at Aug 21, 2021